Why BharatPe and Yes Bank have joined hands in India
What's the story
Leading Indian fintech company BharatPe has launched a new service called 'Pay Later with BharatPe,' in partnership with Yes Bank. The innovative solution, powered by the National Payments Corporation of India (NPCI), aims to provide easy access to credit for consumers and merchants across India. The service lets users make payments using a Credit Line across all merchant touchpoints.
Credit features
'Pay Later with BharatPe' offers instant UPI credit
The 'Pay Later with BharatPe' service provides instant UPI credit without any paperwork or waiting period. Users can spend daily and repay monthly in full or through flexible EMIs ranging from 3-12 months. The interest-free credit facility comes with a usage period of up to 45 days, which is refreshed upon repayment. This way, the service ensures a safe, convenient, and fully integrated credit experience for its users.
Market need
BharatPe CEO emphasizes need for scalable credit solutions
BharatPe's CEO Nalin Negi stressed on the low credit penetration in India, particularly among small merchants and new-to-credit consumers. He said that 'Pay Later with BharatPe' is a solution to this problem, offering a compliant, scalable, and convenient credit solution. The service meets both merchant's and consumer's spending needs while providing an integrated platform to track usage limits and repayments seamlessly within the app.
Reward system
Users can earn rewards with BharatPe UPI
Along with credit facilities, 'Pay Later with BharatPe' also offers users access to BharatPe UPI Rewards. This feature lets users earn guaranteed rewards in the form of Zillion coins for all transactions done through the BharatPe UPI app. These coins can be redeemed for vouchers across various brands or products and even used to pay utility bills.